Are You An Accountant? Check Out These Clever Side Hustles!
Are you an accountant looking to earn extra income? Or perhaps you’re interested in diversifying your skill set and exploring new opportunities? Whatever your motivation may be, there are plenty of side hustles for accountants.
In this article, we’ll explore creative ways for accountants to supplement their income and gain new experiences, read on to discover some exciting and profitable side hustles.
Sell Spreadsheets Online
Passive income of approximately $300–$1000 a month
Selling spreadsheets online is a great side hustle for accountants with a knack for creating custom templates and tools to help businesses and individuals manage their finances more efficiently. Various platforms allow you to sell your spreadsheets to a wide audience, including freelancers, small business owners, and individuals looking to manage their finances.
How to start?
Create a portfolio of spreadsheets that showcase your skills and expertise. Consider developing templates for tasks such as budgeting, financial forecasting, tax preparation, or inventory management. Make sure your spreadsheets are user-friendly, visually appealing, and easy to customize for different clients’ needs.
Start selling your spreadsheets on online marketplaces like Upwork, Etsy, Gumroad, or Fiverr. You can also promote your services on social media platforms or create a website to market your spreadsheets directly to potential clients.
With the growing demand for digital tools and templates, this great side hustle has the potential for significant growth and success.
Sell Digital Files
Approximately $500-$1,000 per month
Selling digital files is a side hustle that can provide accountants with a lucrative income stream. Digital files can range from accounting templates and financial models to eBooks and online courses on financial topics.
How to start?
Identify your area of expertise within the accounting industry and create digital files that cater to this niche. For instance, you could create an eBook on tax preparation, an online course on financial planning, or a financial model for startups. Ensure your digital files are informative and easy to access.
Choose an online marketplace to sell your digital files. Popular platforms include Amazon Kindle Direct Publishing and Udemy.
Provide excellent customer service by promptly responding to inquiries and addressing concerns. You can also offer discounts or special promotions to attract more customers. Determine the appropriate pricing strategy for your files and promote them through various channels, such as social media, online ads, or email marketing.
Invest: CD’s & Bonds
Average rate on a 12-month CD is 1.28%
Alright, you’re looking to invest some of your hard-earned money, and you’ve heard that CDs and bonds might be good options. CDs, or certificates of deposit, are savings accounts that offer higher interest rates in exchange for locking up your money for a certain period, ranging from a few months to a few years. The longer you’re willing to leave your money in a CD, the higher the interest rate you’ll earn.
Bonds are IOUs that companies, municipalities, or the government issue to raise money. When you buy a bond, you’re essentially loaning money to the issuer and receiving interest payments in return. The interest rate you earn on a bond is determined by factors such as the creditworthiness of the issuer and the length of the bond’s term.
So, which one should you choose? CDs are generally considered safer than bonds because they are FDIC-insured, meaning your money is protected by the government up to a certain amount. On the other hand, bonds are not FDIC-insured and carry a higher risk of default. Bonds offer higher returns than CDs, so they might be a good option if you take more risks.
How to start?
To start investing in CDs or bonds, follow these steps:
- Determine your investment goals: Have a clear idea of your goals, such as generating a passive income.
- Research different options: Various CDs and bonds are available, each with features and risks.
- Choose a brokerage or bank that offers these products. Consider factors such as fees, minimum investment requirements, and the quality of customer service when choosing a provider.
- Open and fund an account with the amount you want to invest.
- Purchase CDs or bonds.
- Regularly monitor your investments to ensure they perform as expected, and adjust your portfolio as needed.
Crowdfunded Real Estate
Earn annual returns ranging from 6% to 12%
Crowdfunded real estate is a relatively new investment opportunity that allows individuals to invest in real estate projects alongside other investors through online platforms. These platforms connect investors with real estate developers and operators seeking funding for various projects, such as residential or commercial properties, and allow individuals to invest small amounts of money than they would need for a traditional real estate investment.
Individuals can choose from a variety of investment options, such as equity or debt investments. Equity investments involve owning a portion of the property and receiving a share of the profits or rental income. In contrast, debt investments involve lending money to the developer and receiving interest payments.
Crowdfunded real estate can be a good option for individuals looking to diversify their investment portfolio with real estate assets and generate passive income. Do your research and carefully consider the risks and potential returns before investing in any specific project.
How to start?
- Understand your financial goals. This will help you decide which crowdfunded real estate platforms and which properties to invest in.
- Many crowdfunded real estate platforms are available, with investment opportunities and fees. Research the platforms to determine which suits your preferences.
- Evaluate the investment opportunities available on each platform. Look at the property details, investment minimums, expected returns, fees, and other relevant information.
- Sign up and invest; read and understand the terms and conditions of the investment before committing your funds.
- Keep track of your investments and monitor their performance.
Invest In Other Small Businesses
Expected returns ranging from 10% to 20%
Investing in other small businesses can be a great way to generate side income while supporting other entrepreneurs’ growth. This type of investment involves providing capital to small businesses in exchange for an ownership stake or the promise of future returns.
How to start?
Identify potential businesses in industries that you understand and are passionate about. You can also use online platforms, such as crowdfunding websites or angel investor networks, to find potential investment opportunities.
Thoroughly research the company, its management team, and its financials. Consider the business model, market opportunity, competition, and potential risks.
Decide on the amount of capital you’re willing to invest, the ownership stake or return on investment you seek, and the investment horizon.
Negotiate the terms of the investment with the small business owner or management team. This may include the amount of capital invested, the ownership stake or return on investment, and other terms or conditions.
Create Online Courses
You can earn anywhere from $500 to $50,000
Creating and selling online courses as an accountant is a great way to share your knowledge and expertise with others while potentially generating passive income. Your knowledge and skills make you valuable to people looking to improve their financial management skills.
How to start?
- Determine the specific area of accounting that you want to focus on, such as tax preparation, financial planning, or bookkeeping.
- Pick your ideal students and what their needs are.
- Develop your course content, including lesson plans, assignments, and video lectures or audio tutorials.
- Research and choose a platform for hosting and selling your course, such as Teachable or Skillshare.
- Record your lectures, create necessary course materials, and then upload them to your chosen platform.
- Promote your course, gather student feedback, and update course content and materials as needed to ensure they stay relevant and valuable.
You can earn approximately $14,798 per month
Affiliate marketing is performance-based marketing where an individual or business earns a commission by promoting someone else’s products or services.
Accountants can earn passive income by promoting products or services related to accounting, such as accounting software or tax preparation services, and earning a commission on any sales made through their unique affiliate link provided by the company.
How to start?
Find an affiliate program: Identify companies or products you believe in and have an affiliate program. Some popular affiliate programs include Amazon Associates, Clickbank, and ShareASale.
Determine your niche and create content, such as blogs, social media posts, or videos, that promote the product or service you are affiliated with. Use your unique affiliate link to promote to your audience.
Earn commissions: When someone clicks on your affiliate link and makes a purchase, you earn a commission on the sale.
The side income rate for affiliate marketing can vary widely depending on the commission rate offered by the company, the demand for the product or service, and the size of your audience.
Tutor or Lecture For Students
Earn between $30 to $100 per hour
You can offer tutoring or lectures to students interested in learning accounting concepts. This can be a great side income opportunity for those who enjoy teaching.
How to start?
- Decide whether you want to offer tutoring or lectures to high school students, college students, or adult learners.
- Set rate charges for your services.
- Create a curriculum or syllabus for your tutoring or lecture sessions. This can include topics such as basic accounting principles, financial statements, and tax preparation.
- Market your services to potential students through social media, online classified ads, or word of mouth.
- Set up a schedule that works for you and your students, and be prepared to adjust your schedule as needed.
Earn between $30 to $500 per hour
As a Virtual bookkeeper, you can remotely manage financial records for businesses or individuals and make some extra cash. If you’ve a background in accounting and want a flexible work arrangement, this could be the perfect gig for you.
How to start?
Decide what bookkeeping services you’ll offer, like managing accounts payable and receivable, bank reconciliation, financial statement preparation, and payroll processing.
You can advertise your services on social media or at networking events.
Invest in good bookkeeping software to help manage your client’s financial records and build strong relationships with your clients to ensure they’re happy with your work.
Depending on your experience and the complexity of the businesses you work with, the side income rate for virtual bookkeeping can vary. Some bookkeepers charge an hourly rate, while others charge a flat fee per project or a monthly retainer fee.
CPA Exam Tutor
On average, tutors can earn anywhere from $50 to $200 per hour
Are you a whiz at accounting and want to share your knowledge with the world? Becoming a CPA exam tutor might be the best side hustle for you. As a tutor, you can help aspiring accountants crush the CPA exam and earn extra cash.
How to start?
- Get certified: To become a CPA exam tutor, you must pass the CPA exam. Ensure you meet your state’s requirements and pass all four exam sections.
- The more experience you have with the exam, the better. Work as a CPA or in a related field to gain knowledge and expertise to pass on to your students.
- Look into what materials and resources are available to help you prepare for tutoring, including textbooks, practice exams, and online courses.
- Create a website and social media pages, or advertise on job boards to inform potential clients about your services. You can also contact local accounting firms or universities to see if they need a CPA exam tutor.
- Decide how much you’ll charge for your services, whether by the hour or a package deal.
Tutoring is a people-centric business; establish good communication skills and build relationships with your students.
Start A Blog
Earn anywhere from $500 to $10,000 per month
A blog is a website or online platform where individuals or organizations can publish their thoughts, ideas, opinions, and experiences. Building a successful blog takes time and effort, so be patient and persistent.
How to start?
Start a blog by following these steps:
- Determine what topics you want to write about and what type of audience you want to reach.
- Choose a platform; WordPress is the most popular and widely used. Other options include Squarespace, Wix, and Blogger.
- Set up your website: Register a domain name that reflects your blog’s niche. Next, choose a hosting provider and install your blogging platform.
- Add a design theme that matches your brand and customize your website’s layout and features.
- Start creating high-quality, valuable content that your audience will find interesting and informative. Consider using a content calendar to plan out your posts and stay organized.
- Share your blog posts on social media, engage with your audience, and build relationships with other bloggers in your niche.
- Consider various ways to monetize your blog, such as affiliate marketing, sponsored posts, or selling your products.
Earn range from $0.03 to $0.18 per view
YouTube channels can be a great way to generate a side income. With over two billion monthly active users, YouTube is one of the most popular platforms on the internet, and many content creators have turned their channels into successful businesses.
Whether you’re interested in vlogging, creating tutorials, or sharing your expertise, an audience on YouTube would likely be interested in your content.
The key to success is creating high-quality videos that provide value to your viewers and promoting your channel to reach a wider audience.
In the United States, the average payment received by YouTube content creators in 2022 was approximately $1,154 per week or $4,616 per month. These creators typically earn 55% of their channel’s revenue, with Google paying $55 to the creator for every $100 paid by an advertiser. YouTubers earn about $0.18 per view or $18 for every 1,000 views.
How to start?
Starting a YouTube channel is relatively easy:
- Decide what you want your channel to be about.
- Create a Google account: To create a YouTube channel, you need to have a Google account. If you already have one, you can skip this step.
- Create your channel: Go to YouTube and click the “Create a Channel” button. You can choose to use your name or a brand name as your channel name.
- Customize your channel: Add a profile picture, channel art, and description to make your channel look professional and attractive.
- Create and upload videos: Start creating content for your channel and upload your videos to YouTube.
- Promote your channel: Share your videos on social media, collaborate with other YouTubers, and use relevant keywords to help people find your content.
As for equipment, all you need to get started is a smartphone or a computer with a camera. However, investing in a good camera, microphone, and lighting equipment can help improve the quality of your videos and make them more engaging for viewers.
Start A Podcast
Average pay is $100 – $1000 per episode
A podcast is a digital audio file or series of audio files made available on the internet for downloading or streaming. Podcasts are often produced by individuals or organizations on a regular basis and cover a wide variety of topics such as news, politics, entertainment, technology, education, and many more. They can be listened to on various platforms, including dedicated podcast apps, streaming services, or directly on a website.
Whether you want to talk about accounting strategies, financial planning, or any other related topics, a podcast can be a fantastic way to connect with others who share your interests.
How to start?
To get started, you’ll need to invest in some basic equipment, such as a microphone and recording software. Start brainstorming ideas for your podcast episodes and start recording.
A common way to monetize your podcast is to look for sponsorships, affiliate marketing, or creating a membership program for your most dedicated listeners. Podcasting can be a time-consuming endeavor, be prepared to put in the effort to make it a success.
Rent Out Extra Office Space
Between $300 – $3000 per month
If you have extra office space, you are not using; you can rent it out to other professionals who need a workplace.
This can be especially profitable if you are in a high-demand area or your office is in a desirable location.
Depending on the size and location of your space, you could earn a significant amount of money each month by renting it out. Additionally, renting office space can help offset some costs associated with running your business, such as rent, utilities, and other expenses.
How to start?
Here are some steps to get started:
- Before renting out your extra office space, check with your local zoning board to see if it’s legal.
- Ensure the space is clean and presentable to potential renters. You may also need to add some basic furniture or equipment to make it usable.
- Look into the rental rates for similar spaces in your area and set your price accordingly. You may also want to consider offering discounts for longer-term renters.
- Post listings online, in local classifieds, and on social media platforms. You can also reach out to local businesses or freelancers needing space.
- Make sure to screen potential renters thoroughly. Check their references and ask for a security deposit to protect yourself in case of damage or unpaid rent.
- Create a rental agreement that outlines the terms and conditions of the rental, including the rent amount, lease length, and any other important details.
- Keep the space in good condition and promptly address maintenance or repair issues.
Become A Business Consultant
Between $50 – $200 per hour
A business consultant is a professional who provides expert advice and assistance to organizations or individuals seeking to improve their performance in various aspects of their business. The consultant analyzes the organization’s current business practices, identifies areas for improvement, and develops and implements strategies to address those areas.
As a business consultant, you can offer your expertise to help businesses improve their operations, accounting, management, and profitability.
How to start?
- Identify your area of expertise, such as accounting, finance, marketing, or management, and gain experience and knowledge. You can pursue a degree, obtain a certification, or work in relevant jobs to develop your expertise.
- Attend networking events, join professional associations, and connect with others in your industry to build a strong network. This can help you find clients and gain referrals.
- Decide what type of consulting you want to specialize in, such as accounting, strategy, organizational, or IT consulting. Identify your target market and develop a value proposition differentiating you from your competitors.
- Develop your communication, problem-solving, and analytical skills essential for a successful consultant. You can also take courses or workshops to improve your skills.
- Set up a business structure, register your business, and financial systems. Develop a marketing strategy to promote your services and build your brand.
Can Accounting Be Done As A Side Hustle?
Yes, accounting can be done as a side hustle. Many people have successfully started small accounting businesses on the side while still holding down full-time jobs.
As a side hustle, accounting can be a great way to earn extra money, especially if you have experience in the field or a finance background. You can offer your services to small businesses, individuals, or freelancers needing help with their bookkeeping or financial statements.
You must have the necessary accounting and bookkeeping skills and experience. Also, consider getting certified as a bookkeeper or accountant to demonstrate your expertise and credibility.
You also need to set up a business entity, such as a sole proprietorship or LLC, and obtain any necessary licenses or permits to operate in your area. Additionally, you will need to develop a business plan, set your pricing, and market your services to potential clients.
One of the challenges of doing accounting as a side hustle is managing your time effectively. You must balance your full-time job, side hustle, and personal life. You may need to work evenings or weekends to accommodate your clients’ schedules and deadlines.
How Can An Accountant Become A Freelance Accountant?
Becoming a freelance accountant can offer many benefits, including more control over your work schedule, the ability to choose your clients, and potentially higher earnings. Here are some steps to take if you’re an accountant looking to become a freelance accountant:
- As an accountant, you may already have some certifications or licenses, such as a Certified Public Accountant (CPA) license. However, it’s important to research any additional certifications or licenses that may be required in your area to work as a freelance accountant.
- Develop a business plan outlining your services, pricing, marketing strategy, and financial goals.
- Have a dedicated home office to help you stay organized and focused. Consider investing in a comfortable desk, stable internet connection, chair, a reliable computer, and other necessary office equipment.
- Accounting software programs can help you manage your finances and keep track of your client’s accounts.
- Establish fair and competitive rates for your services as a freelance accountant.
- Market yourself: This may involve creating a website and social media account.
What Are Some Ways Accountants Make Passive Income?
- Investing in dividend-paying stocks: Companies pay out dividends to shareholders on a regular basis.
- Investing in index funds: Index funds are mutual funds that track a specific market index, such as the S&P 500. Accountants can earn money from the stock market returns.
- Peer-to-peer lending: Accountants can participate in peer-to-peer lending platforms, which allow individuals to lend money directly to borrowers and earn interest on their loans.
- Royalties: Accountants can create and sell intellectual property, such as books, ebooks, or software, and get paid a passive income from royalties on sales.
- Offer a Tax Planning Service, helping clients understand their tax obligations and identify ways to minimize their tax liability. This can involve reviewing the client’s financial situation, identifying potential deductions and credits, and developing a tax strategy that maximizes their tax savings while remaining compliant with tax laws and regulations.
Can Accountants Make 7-Figures?
Yes, accountants can make seven figures (a salary of over $1 million annually), but it is uncommon. The factors that contribute to an accountant’s earning potential include their education level, years of experience, industry, job title, and location.
According to data from the Bureau of Labor Statistics, the median annual salary for accountants and auditors in the United States was $73,560 as of May 2020. However, those at the top of their field and working for large accounting firms or corporations may earn significantly more.
Certified Public Accountants (CPAs) with advanced degrees and many years of experience may earn six or even seven-figure salaries. Those specializing in high-paying areas like forensic accounting or tax law may have higher earning potential.
Many accountants become executives or business owners, which can significantly increase their earning potential. However, reaching this level typically requires education, experience, and entrepreneurial skills.
How Do Accountants Make A Lot Of Money?
Accountants can make a lot of money by utilizing their expertise and skills. Here are some of the ways accountants can earn high salaries:
- Pursuing Advanced Education and Certifications: Accountants who have advanced degrees, such as a Master of Business Administration (MBA) or a Certified Public Accountant (CPA) certification, tend to have higher salaries than those who do not. These credentials show that the accountant deeply understands complex accounting principles and can handle complicated financial situations.
- Large corporations often require the services of experienced accountants to handle their financial operations. Accountants who work for these companies can earn high salaries due to the complexity of the accounting work involved.
- Many successful accountants start their accounting firms, which can be highly lucrative. However, starting a successful accounting firm requires significant time and money.
Being an accountant does not mean being limited to traditional employment. There are numerous best side hustles that accountants can leverage to increase their income and diversify their professional experiences.
With the growth of the gig economy and the increasing demand for flexible and remote work, accountants have never had a better time to explore their options and find new ways to leverage their skills.
Using these side hustles, accountants can supplement their income, gain new experiences, and expand their professional network.
Whether you want to earn extra cash or explore new avenues, plenty of opportunities are available to accountants willing to think outside the box.